Kevin Durant-Led SPAC to Shutter After Hunt for Targets Fails

Infinite Acquisition Corp., a blank-check firm led by NBA star Kevin Durant and his business manager, Rich Kleiman, plans to close and return the money it raised to investors after its deal hunt failed.

The special-purpose acquisition company’s sponsors said it will liquidate and pay out $10.78 per share to common stockholders, a roughly 7.8% return for investors who bought in at $10 at its initial public offering in November 2021.

The SPAC raised $276 million, joining the blank-check frenzy as the industry was buckling under pressure after a boom and just weeks before global equity markets ...